Zacks Investment Research upgraded shares of Rigel Pharmaceuticals (NASDAQ:RIGL) from a hold rating to a buy rating in a research report report published on Wednesday morning. They currently have $3.25 price target on the biotechnology company’s stock.

According to Zacks, “Rigel Pharmaceuticals, Inc. is a clinical-stage drug development company that discovers and develops novel, small-molecule drugs for the treatment of inflammatory diseases, cancer and viral diseases. Its goal is to file one new investigative new drug application in a significant indication each year. The Company’s pioneering research focuses on intracellular signaling pathways and related targets that are critical to disease mechanisms. Rigel’s productivity has resulted in strategic collaborations with large pharmaceutical partners to develop and market our product candidates. We have product development programs in inflammatory/autoimmune diseases such as rheumatoid arthritis, thrombocytopenia, and asthma and allergy, as well as in cancer. “

A number of other equities research analysts have also recently issued reports on the company. Cantor Fitzgerald restated a buy rating and issued a $9.00 price objective on shares of Rigel Pharmaceuticals in a research note on Wednesday, August 8th. JPMorgan Chase & Co. restated an overweight rating and issued a $7.00 price objective on shares of Rigel Pharmaceuticals in a research note on Tuesday, September 4th. Citigroup initiated coverage on Rigel Pharmaceuticals in a research note on Monday, August 27th. They issued a buy rating and a $8.50 price objective on the stock. HC Wainwright restated a buy rating and issued a $8.00 price objective on shares of Rigel Pharmaceuticals in a research note on Thursday, August 9th. Finally, BidaskClub cut Rigel Pharmaceuticals from a sell rating to a strong sell rating in a research note on Thursday, August 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. Rigel Pharmaceuticals currently has a consensus rating of Buy and an average price target of $7.59.

Shares of NASDAQ RIGL traded down $0.23 during mid-day trading on Wednesday, reaching $2.85. 2,645,999 shares of the company’s stock were exchanged, compared to its average volume of 1,862,379. The stock has a market capitalization of $522.63 million, a price-to-earnings ratio of -4.60 and a beta of 1.25. Rigel Pharmaceuticals has a 52 week low of $2.56 and a 52 week high of $4.71.

Rigel Pharmaceuticals (NASDAQ:RIGL) last announced its quarterly earnings data on Tuesday, November 6th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.02. The firm had revenue of $4.87 million during the quarter, compared to the consensus estimate of $3.52 million. Equities research analysts forecast that Rigel Pharmaceuticals will post -0.5 earnings per share for the current fiscal year.

In other Rigel Pharmaceuticals news, EVP Anne-Marie Duliege sold 16,500 shares of Rigel Pharmaceuticals stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $3.51, for a total transaction of $57,915.00. Following the completion of the transaction, the executive vice president now owns 16,500 shares of the company’s stock, valued at approximately $57,915. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nelson Cabatuan sold 10,000 shares of Rigel Pharmaceuticals stock in a transaction dated Friday, October 12th. The shares were sold at an average price of $3.12, for a total value of $31,200.00. Following the transaction, the insider now directly owns 58 shares of the company’s stock, valued at approximately $180.96. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 314,000 shares of company stock valued at $907,820 and have sold 179,500 shares valued at $624,615. 5.38% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of RIGL. Bank of Montreal Can purchased a new position in Rigel Pharmaceuticals during the 2nd quarter valued at about $139,000. Canada Pension Plan Investment Board purchased a new position in shares of Rigel Pharmaceuticals during the second quarter worth about $142,000. Cubist Systematic Strategies LLC grew its holdings in shares of Rigel Pharmaceuticals by 199.9% during the second quarter. Cubist Systematic Strategies LLC now owns 60,559 shares of the biotechnology company’s stock worth $171,000 after purchasing an additional 40,366 shares in the last quarter. New Jersey Better Educational Savings Trust purchased a new position in shares of Rigel Pharmaceuticals during the third quarter worth about $193,000. Finally, Lido Advisors LLC grew its holdings in shares of Rigel Pharmaceuticals by 45.8% during the second quarter. Lido Advisors LLC now owns 80,630 shares of the biotechnology company’s stock worth $228,000 after purchasing an additional 25,331 shares in the last quarter. 94.35% of the stock is owned by institutional investors and hedge funds.

About Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc, a biotechnology company, engages in the discovery and development of small molecule drugs for the treatment of immune and hematologic disorders, cancer, and rare diseases. The company's clinical programs include fostamatinib, an oral spleen tyrosine kinase inhibitor for immune thrombocytopenia purpura; and Phase II clinical study for autoimmune hemolytic anemia and immunoglobulin a nephropathy.

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